Ohio Revised Code Chapter 1761 - Credit Union Guaranty Corporations

• Section 1761.01 - Credit Union Guaranty Corporation Definitions.
  As used in this chapter: (A) "Account" means the total of all amounts credited to a participating credit union for paid-in capital contribution, and...
• Section 1761.02 - Establishment, Licensing And Operation.
  (A) A credit union share guaranty corporation may be established, licensed, and operated in compliance with this chapter. (B) (1) A credit union share...
• Section 1761.03 - General Purposes Of Corporation.
  The general purposes of a credit union share guaranty corporation are: (A) To guarantee payment of all or a part of participating credit union...
• Section 1761.04 - Regulation - Fees.
  (A) The licensing and operation of a credit union share guaranty corporation is subject to the regulation of the superintendent of insurance pursuant to...
• Section 1761.05 - Required License.
  (A) No person shall guarantee to a credit union payment of a credit union share account of an individual member or, as described in...
• Section 1761.06 - Corporation - Powers And Duties.
  (A) In carrying out its general purposes as set forth in section 1761.03 of the Revised Code, a credit union share guaranty corporation may...
• Section 1761.07 - Credit Union Participation In Credit Union Share Guaranty Corporation.
  (A) Any credit union chartered by this state or any credit union chartered by a state that, as described in division (B) of this...
• Section 1761.08 - Assessing Financial Condition And Performance Of Credit Union.
  (A) (1) In order to permit the credit union share guaranty corporation to assess the financial condition and performance of a credit union, upon...
• Section 1761.09 - Guarantees For Share Accounts.
  (A) Each credit union share account of an individual member or, as described in division (B)(2) of section 1761.02 of the Revised Code, a...
• Section 1761.10 - Guarantee Fund.
  (A) (1) A credit union share guaranty corporation shall establish and maintain a guarantee fund. The fund shall be maintained at a normal operating...
• Section 1761.11 - Notification Of Possession Or Liquidation Of Credit Union.
  (A) The superintendent of credit unions shall give prompt notice to the applicable credit union share guaranty corporation whenever he takes possession of the...
• Section 1761.12 - Terminating Participation In Corporation Of Participating Credit Union.
  (A) A credit union share guaranty corporation may terminate the participation in the corporation of a participating credit union for any of the following...
• Section 1761.13 - Investing Or Depositing Funds.
  (A) A credit union share guaranty corporation shall invest or deposit its funds in the following manner: (1) In banks incorporated under the laws...
• Section 1761.14 - Record And Use Of Income.
  (A) A credit union share guaranty corporation shall record income from investments in an income account, and may use such income to defray expenses...
• Section 1761.15 - Establishing Reserve For Guaranty Losses.
  A credit union share guaranty corporation shall establish a reserve for guaranty losses on an incurred basis in accordance with generally accepted accounting principles...
• Section 1761.16 - Reports Of Audited Financial Statements.
  (A) A credit union share guaranty corporation shall file with the superintendent of credit unions an annual report containing audited financial statements, prepared in...
• Section 1761.17 - Taking Possession Of Property And Business Of Credit Union Share Guaranty Corporation.
  (A) The superintendent of credit unions or the superintendent of insurance may forthwith take possession of the property and business of the credit union...
• Section 1761.18 - Unsafe Or Unsound Practices.
  (A) (1) If, in the opinion of the superintendent of credit unions, a credit union share guaranty corporation or a director, officer, or employee...
• Section 1761.19 - Setting Supervisory Conference.
  (A) If, at any time, the superintendent of credit unions or the superintendent of insurance has cause to believe that the actions or practices...
• Section 1761.20 - Civil Penalty.
  (A) (1) If a credit union share guaranty corporation or a director, officer, or employee of the corporation fails to comply with any agreement...
• Section 1761.21 - Information To Be Kept Confidential.
  (A) All conferences and administrative proceedings under sections 1761.18 and 1761.19 of the Revised Code, the fact of their actual or anticipated occurrence, and...
• Section 1761.22 - [Repealed].
  Effective Date: 09-26-1996
• Section 1761.23 - License Revocation.
  (A) The superintendent of insurance may revoke the license of any credit union share guaranty corporation that fails to comply with a final cease-and-desist...
• Section 1761.24 - State Not Liable For Deficiency.
  Nothing in this chapter creates any liability upon this state for the payment of any funds to any participating credit union by reason of...
• Section 1761.25 - [Repealed].
  Effective Date: 09-14-1988
• Section 1761.26 - Criminal Records Check To Be Requested By Superintendent.
  Whenever the approval of the superintendent of credit unions is required under this chapter, or under an order or supervisory action issued or taken...
• Section 1761.27 To 1761.34 - [Repealed].
  Effective Date: 09-14-1988
• Section 1761.99 - Penalty.
  (A) Whoever violates section 1761.05 or division (G) of section 1761.08 of the Revised Code is guilty of a misdemeanor of the first degree....

Last modified: October 10, 2016